bank reconciliation

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Bank Reconciliation

The act or process of recording transactions that have occurred since one received one's bank statement in order to arrive at an accurate account balance. For example, if one spent $1,200 between bank statements, bank reconciliation involves recording those transactions so that they add up to $1,200.

bank reconciliation

the process of reconciling an individual's or business's CASH ACCOUNT records of receipts and payments with the BANK STATEMENT record of receipts and payments. These two need not coincide exactly since cheques drawn and received but not yet banked do not appear on the bank statement until a later date.

Daily bank reconciliations are performed to ensure that transactions within Softheon's system successfully match up to funds deposited into clients' custodial accounts, both through lockbox and merchant service processing channels.

You will have a thorough understanding of double entry bookkeeping and will be confident dealing with month-end accruals and prepayments, VAT VA returns, bank reconciliations and the production of accounts to tight deadlines.

The accounting functions of receipting, posting accounts receivable, preparing deposits, posting deposits, opening and reviewing the bank statements and preparing the bank reconciliations should all be segregated among different individuals.

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